The Cleveland 4th Quarter 2024 Office Market Report compiled by CoStar tracks approximately 148 million square feet of office space in 8 counties (Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Portage, Medina, and Summit). The 4th Quarter 2024 vacancy rate is 8.7%, decreasing 0.02% from the 3rd Quarter 2024 and remaining the same as the 4th Quarter 2023.
The Lake County market contains approximately 5.5 million square feet in 479 buildings of which Mentor accounts for approximately 1.7 million square feet (or 30% of the total). The Lake County market vacancy rate is 2.5%, decreasing 0.8% from 3rd Quarter 2024; and 1.7% from the 4.2% rate of the 4th Quarter 2023.
According to the CoStar data, 3.7% of the office space in the City of Mentor is vacant, which is an increase of 0.1% from 3rd Quarter 2024 and a decrease of 0.7% from the 4th Quarter 2023 adjusted vacancy rate. The largest available spaces are 9500 Mentor Ave 15,982 square feet, 8339 Tyler Blvd. 12,515 square feet, and 8300 Tyler Blvd. 9,332 square feet.